U.S. advertising revenue fell 7 percent and may have been impacted by ratings declines at its flagship children's cable network Nickelodeon. Some analysts have linked the ratings decline to the availability of some Nickelodeon programming on digital on-demand services such as Netflix Inc.

Revenue at its Paramount film studio fell 29 percent as three movies released during the quarter — "Madagascar 3," "The Dictator" and "Titanic 3D" — underperformed the year-ago schedule of four movies, including "Kung Fu Panda 2" and "Thor."